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With OMODA PCP, you spread the cost of your new car over an agreed term, typically two to four years. Your monthly payments cover the vehicle's depreciation rather than its full value, keeping costs manageable. At the end of the agreement, you can hand the car back, use any equity towards a new deal, or pay the Guaranteed Minimum Future Value (GMFV) to keep it.
PCP offers lower monthly payments compared to HP, since you're only financing the car's depreciation. It gives you flexibility to change your OMODA every few years without commitment. You also benefit from fixed costs, making budgeting simple, and it's worth comparing with an OMODA car lease to see which option suits your driving habits best.
Consider your annual mileage carefully, as PCP agreements include mileage limits with charges for exceeding them. Think about whether you want to eventually own the car outright, as a final payment is required. It's also worth checking the car's condition expectations because excess wear charges may apply at handover.
Yes, you can settle your PCP agreement early, though an early settlement figure will apply. This is calculated based on the remaining balance and finance charges saved. Contact your local Vospers finance team for an accurate settlement quote before making your decision.
With HP, you pay an initial deposit followed by fixed monthly instalments across the agreed term. Each payment reduces the outstanding balance until the car is fully paid for. There's no large final payment, and once the last instalment clears, ownership transfers to you automatically.
HP is ideal if you want to own your OMODA outright without a balloon payment at the end. Monthly payments are predictable, helping with budgeting over the loan term. There are no mileage restrictions either, giving you complete freedom on the road.
Monthly payments on HP are typically higher than PCP, since you're financing the full vehicle price. Consider whether ownership is important to you, as HP is designed for you to own the vehicle outright after making all required payments. It's also worth reviewing the total cost of credit against other finance options.
Yes, HP agreements can be settled early, and doing so may reduce the total interest payable. An early settlement figure will be provided based on your remaining balance. Speak to us to explore whether early settlement suits your circumstances.
PMLs work like any personal loans: you borrow a fixed sum from a lender and repay it in equal monthly instalments, usually over one to five years. Because the loan isn't linked to the car, you own it from the moment you drive away. Interest rates depend on your credit profile and loan term.
With a PML, you own your OMODA outright immediately, with no restrictions on mileage or condition at any point. There's no balloon payment to plan for, and you're free to sell or part-exchange whenever it suits you. A PML also gives you strong negotiating power as a cash buyer.
PML interest rates can be higher than dealer-arranged finance, so it's worth comparing options carefully. Consider whether an OMODA lease or PCP might better suit your budget if you prefer lower monthly costs. Also check whether early repayment fees apply with your chosen lender.
Most PML lenders allow early repayment, though some may charge a small early settlement fee. Paying off the loan early can reduce the total interest you pay overall. Check your loan terms or speak with your lender to confirm any charges.
Contact our customer service team today who will be delighted to help
Vospers Motor House Ltd t/a Vospers
Reg Office: Marsh Mills, Plymouth, Devon PL6 8AY
Reg Company No. 00496634
Reg VAT No. 144 1479 74 GB
Vospers is a family-run motor dealer group based in the South West of England that has been serving generations of customers since 1946. Vospers offers new and used car, van, and pick-up as well as aftersales care across Devon and Cornwall with dealerships located in Exeter, Torbay, Plymouth, St Austell, and Truro. Vospers represents a number of top manufacturer franchises, including: Ford, Peugeot, OMODA, JAECOO, MG and Vauxhall. Vospers means motoring in the South West. Read More
